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DESCRIPTION:\n\nTwo Essays on Analyst Knowledge and Expertise \n\nTuesday\,
  October 21\, 2025\, at 9:00am\n\nKen Duan\, a doctoral student at şÚÁĎÍř 
 University in the area of Accounting will be presenting his research propo
 sal entitled:\n\n(The presentation will be conducted on Zoom)\n\nStudent C
 ommittee chair: Professor Hongping Tan\n\n\nABSTRACT\n\nThis thesis compri
 ses two essays that examine analysts’ knowledge and expertise and evaluate
  their contribution to capital markets.\n\nIn the first essay\, I investig
 ate the role of competition analysis in financial analyst reports and its 
 value to investors. Using textual analysis on a large dataset of U.S. anal
 yst reports\, I find that earnings forecast revisions accompanied by more 
 competition-related discussion are more accurate. This effect is stronger 
 when the discussion comes from analysts with greater industry expertise an
 d when firms face more intense competition. Further analyses show that bot
 h investors and managers find these discussions informative: revisions wit
 h detailed competition analysis elicit stronger market reactions\, and fir
 ms covered by more competition-focused analysts exhibit higher investment 
 efficiency. Overall\, the results indicate that competition discussions en
 hance analysts’ forecast accuracy and provide valuable insights for other 
 market participants.\n\nIn the second essay\, I investigate whether tax-sp
 ecific expertise influences analysts’ forecasting accuracy. Using a dictio
 nary-based measure of tax-related knowledge\, I find that analysts who inc
 orporate more tax-related discussions in their reports produce more accura
 te implicit effective tax rate (ETR) forecasts. These reports also yield m
 ore accurate and less optimistic earnings forecasts. Further analysis show
 s that investors respond positively to tax-related good news and negativel
 y to bad news. Overall\, the findings provide novel evidence that analysts
  possess tax-specific expertise that is valuable to capital markets.\n
DTSTART:20251021T130000Z
DTEND:20251021T150000Z
SUMMARY:PhD Research Proposal Presentation: Ken Duan
URL:/desautels/channels/event/phd-research-proposal-pr
 esentation-ken-duan-368391
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